Tax Updates

Read need-to-know updates, commentary, and analysis on Tax issues written by leading professionals.
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Business Appraisers Spar Over Tax Rates, Market Approach and Other Key Issues in Fair Value Buy-Out Case

As promised in the postscript to last week’s post about the appellate ruling in the Gould case, affirming Justice Platkin’s order granting the oppressed minority shareholder’s dissolution petition involving a pair...more

The New Partnership Audit Rules Are Coming, Have You Checked Your Operating Agreement?

At the end of 2015, the Bipartisan Budget Act of 2015, as amended (the “BBA”), was enacted into law, and will be effective for tax years beginning after 2017. Under the BBA, the rules relating to the audit of partnership tax...more

The Property Tax Appeal Process: It’s That Time Again...

Here we go again! It's that time that all Guilford County real property owners invariably look forward to [Insert Sarcasm]. Yes, it’s a Revaluation Year in Guilford County. Property owners should be on the lookout: assessment...more

When A “Tax Free” Exchange May Not Be Free of Tax

“Tax free” – two words that often bring great delight when they are spoken by a tax adviser to the owner of a business, whether he is considering the disposition of a single asset, or of substantially all of the assets, of...more

Gov. Haslam Expands His IMPROVE Act

Gov. Haslam expanded his IMPROVE Act this week. He amended the act to allow local referendums on surcharges to existing local taxes as a means to pay for public transit projects. The new surcharge options apply to local...more

Health Savings Accounts Considerations for Employers

The health savings account (“HSA”) has become, since its creation in 2003, an increasingly popular option for employers to subsidize employee group health costs. Employees with HSAs can save money, on a tax-free basis, for...more

Mental Impairment as a Defense to Civil Penalties

There are severe penalties under the Internal Revenue Code (IRC) and Bank Secrecy Act (BSA) for willful failure to file Information Returns. Examples of Information Return are Report of Foreign Bank Account (FBAR) required...more

Report a Canadian Tax Evader and Make Money?

Yes, it's possible. Canada has had a tax whistleblower program for four years, the Offshore Tax Informant Program (OTIP). The OTIP pays individuals who qualify for the program and provide information to the Canada Revenue...more

Singapore Eases Regulatory Regime for VC Funds to Promote Financing for Start-Ups

The Monetary Authority of Singapore has proposed a simplification of the authorisation process and regulatory framework for venture capital managers—with the goal of supporting start-ups....more

MTC Proposed Apportionment Regulations Pass By Special Vote: Here’s What You Should Know

Today, the Multistate Tax Commission (“MTC”) held a special meeting where the whole Commission (a group of member states) voted to approve model apportionment regulations, including provisions concerning market...more

When Will a Canadian Corporation be Treated as a Passive Foreign Investment Company?

A Canadian corporation will generally be a passive foreign investment company or “PFIC” if, for a tax year, (a) 75% or more of its gross income is passive income (the “PFIC income test”) or (b) 50% or more of the value of its...more

Taxpayers Will Not Need to Report Obamacare Compliance to Avoid Tax Return Rejection

On January 20, 2017, President Trump issued an executive order directing federal agencies to exercise authority and discretion available to the to reduce the potential burdens of the Affordable Care Act (Obamacare). In...more

U.S. Tax Reform – Border Adjustment Proposal: Current Status, and How Your Company May Be Affected

On 24 June 2016, the Republican Speaker of the U.S. House of Representatives, Paul Ryan, and House Ways and Means Chairman Kevin Brady released a sweeping "Blueprint" proposal to reform the U.S. tax code. A critical component...more

"Recent Court of Appeals Decision Provides Hope for Taxpayers Fighting for Congressionally Sanctioned Tax Benefits"

For the second time in just over a year, the U.S. Court of Appeals for the Sixth Circuit reversed the United States Tax Court and affirmed the right of a taxpayer to structure its affairs in a manner that takes into account...more

Potential Relief for Employee Option Exercises

Employees must generally recognize income for tax purposes upon the receipt of employer stock to the extent that the fair market value of the stock received is greater than the amount, if any, paid by the employee for the...more

Don’t Get Hooked! W-2 Phishing Scams on the Rise During Tax Season

Tax season can be a trying time of the year for any employer, but even more so now. As HR Departments across the country are working hard to distribute W-2 forms to employees, cybercriminals are using increasingly...more

EU member states reached consensus on anti-hybrid mismatch measures

On February 21, 2017, the Council of the European Union (ECOFIN, in this context) reached political consensus on a directive (known as ATAD 2) amending the EU Anti-Tax Avoidance Directive as adopted on July 17, 2016 (EU...more

How do recent updates to estate tax laws impact your future?

In 2013, Kiplinger ranked the states with the scariest "death taxes." At that time, New Jersey topped the list, with an estate tax exemption of only $675,000, and with an inheritance tax imposed upon transfers to other than...more

Toronto Municipal Land Transfer Tax Increase

The City of Toronto has increased its municipal land transfer tax rates to match the recent changes to provincial land transfer taxes, effective March 1, 2017....more

Is the Border Tax Crossing the Line?

It is far too early to discern the extent of any change to the relationship between the U.S. and Mexico in the face of the oft-repeated insistence of the Trump campaign to “renegotiate” NAFTA, a promise that was reiterated...more

Tax Reform Considerations for REITs

Various components of the tax reform proposals that have been put forth by the Congress as well as the President could have significant impacts on REITs. In 2016, the Republican leadership and Republicans on the House...more

Mnuchin: Tax Overhaul by August

Treasury Secretary Mnuchin stated that his goal is to have an overhaul of the Internal Revenue Code by August. He recognized that this is an aggressive time table, and that reform may slip to later in the year....more

¿Qué Significa la Entrada en Vigor del Acuerdo de Facilitación del Comercio de la OMC?

El Acuerdo sobre Facilitación del Comercio (AFC) entró oficialmente en vigor el 22 de febrero de 2017, después de alcanzar el umbral de 110 miembros de la Organización Mundial del Comercio (OMC), o dos tercios de su...more

Practice Pointers: Anticipating and Addressing SEC Comments on Non-GAAP Financial Measures - February 2017

The use of non-GAAP financial measures by public companies continues to be an area of growing concern for the Securities and Exchange Commission (“SEC”). Since the staff of the SEC’s Division of Corporation Finance (the...more

WTO's Trade Facilitation Agreement Enters into Force and What It Means

The Trade Facilitation Agreement (TFA) officially went into effect Feb. 22, 2017, after reaching the World Trade Organization (WTO) members' ratification threshold of 110, or two-thirds of the WTO membership. The TFA is now...more

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